Opinion

OPEC Pledges to Raise Production to Satisfy 100% of Target Cuts, Says GlobalData


Following today's announcement that participants at the 174th Meeting of the OPEC Conference in Vienna have collectively agreed to increase production to 100% of targeted cuts,

Joseph Gatdula, Senior Analyst for Oil & Gas at GlobalData, a leading data and analytics company offers his view on what this means for the industry:

‘‘The historic OPEC agreement from late 2016 to curb production has recently exceeded targeted compliance by 152%. Today's pledge to meet 100% compliance is an attempt by OPEC to address concerns of an undersupply scenario in which oil price increases to levels that would hinder global growth. The magnitude of production increase would decrease the undersupply, however decline rates at existing fields, and slower than expected growth in US production should leave room for more production increases.

‘‘GlobalData estimates OPEC production should increase by a minimum of 600,000 barrels per day to match targeted cuts. This follows earlier reports of a one million barrel production increase which was strongly opposed by Iran. In consultation with Saudi Arabia a compromise was agreed with partners including Iran whose ability to increase production would be curtailed by the recently imposed US sanctions. OPEC production levels would be reassessed again at the end of 2018.

“The inability of certain OPEC members to raise production will undoubtedly mean the bulk of production increases will be met by the largest producers, though the distribution of increases between members remains unclear.''


Visit source site

https://globaldata.com/media-centre/?_sft_by-type=...

OPECProductionOilGlobalDataOPEC Conference

More items from oilvoice


Schlumberger Announces Second-Quarter 2018 Results

Revenue of $8.3 billion increased 6% sequentially Pretax operating income of $1.1 billion increased 12% sequentially Second-quarter GAAP EPS, including charges of $0.12 per share, was $0.31 Second-quarter EPS, excluding charges, was $0.43 Cash flow from operations was $987 million PARIS , J ...

OilVoice Press - OilVoice


Posted 17 hours agoPress > ResultsEarningsSchlumberger +1

Baker Hughes, a GE company Announces Second Quarter 2018 Results

Orders of $6.0 billion for the quarter, up 15% sequentially and up 9% year-over-year on a combined business basis* Revenue of $5.5 billion for the quarter, up 3% sequentially and up 2% year-over-year on a combined business basis GAAP operating income of $78 million for the quarter, inc ...

OilVoice Press - OilVoice


Posted 17 hours agoPress > ResultsEarningsGE +3

Genel Energy: Receipt of Payment for KRI Oil Exports

Genel Energy plc ('Genel' or 'the Company') notes the announcement from DNO ASA, as operator of the Tawke PSC, that the Tawke partners have received $62.33 million from the Kurdistan Regional Government ('KRG') as payment for April 2018 crude oil deliveries to the export market from the Tawke licen ...

OilVoice Press - OilVoice


Posted 17 hours agoPress > Genel EnergyPaymentKRI +8

Delaying Mexico’s 2018 Bidding Rounds is a Smart Move by CNH, Says GlobalData

Following the news (Wednesday 18 th July 2018) that Mexico's hydrocarbons agency re-scheduled bidding rounds 3.2, 3.3, and onshore farm-out round for February 2019, which was originally planned for the second half of 2018, Adrian Lara, Senior Oil and Gas Analyst at GlobalData , a leading ...

OilVoice Press - OilVoice


Posted 17 hours agoOpinion > GlobalDataMexicoBidding Round +2

Major Utilities Continue to Increase Spending on U.S. Electric Distribution Systems

Source: U.S. Energy Information Administration, Federal Energy Regulatory Commission (FERC) Financial Reports, as accessed by Ventyx Velocity Suite Spending on electricity distribution systems by major U.S. electric utilities—representing about 70% of total U.S. electric load—has risen 54% o ...

OilVoice Press - OilVoice


Posted 17 hours agoOpinion > United StatesUSEIA +4
All posts from oilvoice